February 8, 2010

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SARE in Bankruptcy Cases

What is the significance of a "single asset real estate" bankruptcy case?

SARE stands for "Single Asset Real Estate" and is used to describe a bankruptcy case involving a debtor that owns a single real estate parcel or project. Specifically, Section 101(51B) of the Bankruptcy Code provides that SARE means real property constituting a single property or project, which generates substantially all of the debtor's gross income and on which no substantial business is being conducted other than the business of operating the real property.

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